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penalty

Lewis Hamilton has long been amazing and he's just getting better and better. And still the public don't get behind a driver who is set to eclipse every record in F1 history - and has already done so in most. He is now beyond being statistically interesting: it seems like every time he gets in the car it's another milestone or another record. And that's before we consider his driving which has reached a level of excellence that is so good it doesn't inspire devotion. We are in the presence of greatness, a true star and one who doesn't cheat to achieve it (although he can be brutal when needed and sometimes has gone too far). His French Grand Prix 2019 demonstrated things that the naysayers won't be impressed by. They should be.

CoNet Section: 

It's not the best way to start the week, much less the month. The first notice from Australian regulator The Australian Securities and Investment Commission tells that Macquarie Securities (Australia) Limited has been issued a penalty notice : ASIC "believes" the company "contravened" market integrity rules. The failure was of design, implementation and maintenance of compliance systems, not an intention to not comply, ASIC says. Plus ça change in so much of the financial sector, then.

BIScom Subsection: 

The phoenix is a creature of ancient Greek mythology, It was creature of Paradise and, when it became old and frail, it would self-immolate and a younger, stronger, even more beautiful version of itself would rise from the flames. It is also to be found in Egyption myth where, as the "Lord of Jubilees" it symbolised a fresh start The symbolism of the old going down in flames and something new and shiny, but essentially the same creature, replacing it is a far from mythical part of the corporate landscape. Unlike the bird, a corporate phoenix is rarely a good thing.

CoNet Section: 

It's one of those times where there is double take. Are you reading it right? A Court has said it will not approve an agreed settlement between a financial institution and a regulator? Oh, OK, it must be that the Court thought that the penalty was too light and he's sent the parties away to decide how much more should be paid, or perhaps penalties beyond money should be added?

No, that's not it. It's far more fascinating than that.

(previous story)

BIScom Subsection: 

California's Attorney General Xavier Becerra and San Francisco's District Attorney George Gascón will host a press conference to announce a USD148 million, multi-state settlement with Uber over a 2016 data breach. That's all a bit prosaic. This is the extraordinary story behind it and it is anything but prosaic. And it is, at least in part, the middle of the beginning of the end, as CEO, of Uber's founder Travis Kalanick.

CoNet Section: 

Hardly a day goes by without a report of bad conduct by one of Australia's banks. It's not as if there are many of them and the result is that each of them is in the news for all the wrong reasons on an increasingly frequent basis. This time it's ANZ with a classic of charging fees but providing no service.

Really. How is this different from someone knocking on the door of an elderly couple, telling them there's a hole in their roof and saying "I'll repair it for a price of X" but collecting the money and doing nothing?

BIScom Subsection: 

Across the media and social media in the past few days there has been widespread reporting that the USA's Office of the Comptroller of the Currency has "fined" Citibank. Just one small, technical detail. It's not true. Here's what did happen, and why, it is important.

Following the closure of BSI Bank Limited for persistent and senior failures in money laundering controls and failures to comply with regulatory failures (http://www.financialcrimerisko...) MAS has named the six bankers it has referred to the Public Prosecutor for investigation as to possible criminal offences. MAS has also served notice of financial penalty on the bank.